Lawyers Braced For A Tough - But Profitable - Year
Lawyers Braced For A Tough - But Profitable - Year Ahead
LawFuel - The Law Jobs and News Wire
Recessionary times are here, according to lawyers spoken to by LawFuel. But plunging stockmarkets worldwide do not necessarily translate into less profitable work.
While 2007 was busy on both sides of the Tasman with private equity deals and M&A work, the turn towards restructuring, insolvency and related commercial work will continue to keep them busy, lawyers say.
2007 was a record year for many firms with an unprecedented level of fee-income and quality workflow. As in the UK, where law firms profited hugely from the booming private equity market in 2006, with an estimated £1.2bn going on legal services according to a report issued by the British Private Equity and Venture Capital Association, both Australian and New Zealand firms report a brilliant 2007.
2008 is clearly going to be more challenging, and with an increasing number of major US law firms already laying off experienced lawyers it may become easier on the recruitment front also.
However lawyers caution about being too optimistic about the year. "It's going to be tough for many, but probably a little too early to call right now with the state of the markets."